I am thinking about doing this too. I don't think people are suggesting it would ever be a help to be a pilot - but if I was an employer and saw someone with a frozen ATPL and a masters degree I would assume that he/she would jump ship at a seconds notice for a flying job and would therefore take someone else.
But as with all jobs, if they are short of applicants they will expand their criteria. (I know I would think twice about taking a CPL holder for that reason).